Ethereum miner revenue has soared to a single-day all-time high of 95,000 ETH helped by a recent surge in decentralized finance (DeFi) activity.
The income of miners has spiked noticeably in the past few days. Data shows that the manual income of miners reached 95,182 ETH this month. Handling fees accounted for 85.9% of the income
This figure is an all-time high for Ethereum. The recent sale of Otherdeeds for Yuga Labs’ Otherside metaverse also resulted in a strong windfall for Ethereum miners. And the heavy activity on the network has generated some astonishing gas fees.
There have been several such golden days for Ethereum miners in 2022. One miner earned a whopping 170 ETH, worth about $540,000 at the time, for a single block.
ETH mining revenue has been consistently exceeding that of bitcoin for some time now. Undoubtedly, the rise in activity of DeFi, non-fungible tokens (NFTs), and play-to-earn games has contributed to this and there are no signs of it abating.
While all of this success results in miners generating more revenue, regular users have been suffering from high gas fees and slower confirmation times. However, there is hope on the horizon.
Ethereum upgrade will bring great changes
The upcoming Ethereum 2.0 upgrade will tackle many of the issues that the network now faces. Gas fees are expected to be reduced significantly, and scaling solutions like Polygon Network and Optimistic Ethereum will ease pressure on the network.
With an upgrade to a more scalable network, the various dApps on Ethereum will be much more viable. DeFi, which is always a hotbed of activity, will benefit greatly from this, and users will be able to access services without having to pay hundreds of dollars in gas fees.
ETH 2.0 will launch in around a year, but some of its upgrades have already been rolled out. One of the more significant upcoming milestones is the merge integration set to take place on the mainnet later this year.
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